Fairbanks Capital Corp. reached a tentative settlement with regulators, according to a report by American Banker, a sister publication of Asset Securitization Report. Under the $40 million settlement, Fairbanks is required to change alleged predatory practices, according to the PMI Group Inc. PMI is a majority shareholder of the Salt Lake City-based subprime servicer. The said settlement must be approved by the Federal Trade Commission, the Department of Housing and Urban Development and the courts.
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